Gold Coast tavern fetches $29m

Developer and hotelier Bruce Donnachy has sold the Arundel Tavern, which he laid the foundations for 20 years ago, when the area “was still bushland and cows”.

The $29 million deal is with Sun Hotel Group, which according to sources holds the Helensvale Tavern, also on the Gold Coast, the Stafford Tavern, north of Brisbane and Laidley Hotel, west of Ipswich.

The West Arundel asset – 226 Napper Road, about 10 kilometres north west of Surfers Paradise – includes a full service bistro and outdoor area.

It also contains a gaming room, Stars, with 45 electronic gambling machines and TAB services.

Arundel Tavern, from Google Street View.

Following the Arundel Tavern sale, Mr Donnarchy has listed a bottle shop investment two kilometres away – within the Metro Plaza, at Labrador.

Occupied by Cellarbrations, next door to an Aldi, the property is offered with a 10 year lease with two options.

Rent rises are fixed at 3.5 per cent per annum.

CBRE’s John Nucifora and Daniel Doran are the agents.

“Labrador is an evolving suburb…providing access to the Broadwater and being just a short distance from major city infrastructure appealing to young families and professionals,” Mr Nucifora said.

“The Labrador, Chirn Park and Biggera Waters corridor continues to attract developers given its value proposition compared to the Gold Coast’s southern beachside suburbs,” he added.

“As a result, these areas…will continue to become more desirable as the area develops and population grows”.

Elsewhere on the Gold Coast, Mr Donnarchy late last year applied to develop a 21 level luxury residential tower on a waterfront site at 3571 Main Beach Parade, Main Beach.

With 24 dwellings – the project has an end value of c$160m.

Article source: www.realestatesource.com.au